Supreme Court of India Judgements

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NOIDA is not a financial creditor, it would constitute an operational creditor. Appeal dismissed

Bysclaw

May 28, 2022

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I B C

Insolvency and Bankruptcy Code, 2016 — Section 60(5)(c) — Jurisdiction of Adjudicating Authority — Declaration of title to trademark — NCLT exceeded its jurisdiction by declaring title to trademark “Gloster” in favour of the Successful Resolution Applicant (SRA) while adjudicating an application under Section 60(5) of the IBC, as the issue of trademark title was a highly contentious dispute beyond the scope of insolvency proceedings and not directly related to the CIRP.

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I B C

Insolvency and Bankruptcy Code, 2016 — Section 7 — Corporate Insolvency Resolution Process (CIRP) — Admission of CIRP — Adjudicating Authority’s power and duty — Legal position is well-settled that once the Adjudicating Authority is satisfied that a financial debt exists and a default has occurred, it must admit the application — Inquiry under Section 7(5)(a) is confined strictly to determination of debt and default, leaving no scope for equitable or discretionary considerations — Reliance on Vidarbha Industries is misconceived; it is a narrow exception confined to its peculiar facts — Admission under Section 7 remains mandatory once debt and default are established — Any alleged non-cooperation by the financial creditor occurred subsequent to the default and cannot absolve the corporate debtor of its admitted failure to comply with its payment obligations. (Paras 12.3, 12.6, 12.9, 12.10)

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I B C

Insolvency and Bankruptcy Code, 2016 — Section 9 — Corporate Insolvency Resolution Process (CIRP) — Application by Operational Creditor — Pre-existing Dispute — Adjudicating authority must determine if operational debt exists, if non-payment has occurred, and if a dispute existed prior to the demand notice (Section 8) — Dispute must be genuine, substantial, and not spurious, hypothetical, or illusory (mere ‘moonshine’ or ‘bluster’) — Court is not required to examine the merits of the dispute or satisfy itself that the defence is likely to succeed. (Paras 15, 16, 19)

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